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1、ValueBasedManagementHewittAssociatesAugust2001 CreatingShareholderValueisGainingImportanceDuetoaVarietyofFactors Regional CapitalMarketsPerspective GreaterFocusonShareholderValue IntegrationofOrganizationalStructures Deregulation Privatization IntegrationofCapitalMarkets WTO CapitalMarketInvestmentO
2、bjectives MergersandAcquisitions Globalization CorporateSpecific TopManagementPerspective Traditionalaccountingmeasuresarenotreliablylinkedtoshareholdervalue Growingrecognitionoftheneedtoalignmanagementactionsandrewardstolong termvaluecreation Increasingpublicityofshareholdervaluecreationrankings e
3、g FT Fortune Possibilityoftakeoverbyinvestorsseeking under managedassets Buyin byCorporateleaders WhatisValueBasedManagement AconsistentframeworkthatalignsmanagementactionandstrategicobjectiveswithshareholdervaluecreationTheprimarygoalofvaluebasedmanagementistobuildacorporatemindsetinwhichmanagement
4、decisionmakingandexecutionarefocusedonthecreationofshareholdervalue HRAlignmentFacilitatestheSuccessofVBMImplementation 16 6 6 7 8 6 7 1 10 0 3 0 0 2 4 6 8 10 12 14 16 18 5 yearAverage TSR CFROI SalesGrowth CompaniesalignedtoVBMobjectives Companiesnotaligned VBMmeasuresusedforplanningandcompensation
5、 VBMgoalsetting Performancesystem Training Businessunitandcorporateincentives EmpiricalResultsShowaLinkBetweenOrganizationalImplementationandValueCreation Companieswithbusinessunitspecificlong termincentivestiedtoshareholdervaluecreationoutperformcompanieswithouttheseincentives CompanieswithCorporat
6、eandBusinessunitincentives CompanieswithsolelyCorporateVBMincentives 3 yearTSR 23 3 20 5 22 8 25 5 22 5 25 4 20 21 22 23 24 25 26 1997 2000 1994 97 1991 94 Value CreatingBehaviors Priorities Decisions andMeasurement LinkingHRtoVBM VBM AlignedManagementProcesses CorporateStructureAlignment CorporateC
7、ultureVBM Alignment DesiredValue CreatingBehaviorsandCompetencies EmploymentRelationship PersonalNeeds Goals andStrategies IndividualPrioritiesandSkills HRPoliciesandManagement PersonalVision Organization PeopleRequirements Ownership Culture Decision making Priorities Reports AnHRPerspectiveonValueM
8、anagement InvestorScorecardTotalShareholderReturn TSR MarketValueAdded MVA ManagementTrackRecordGrowth ReturnProfileBusinessStrategyInvestmentsinFutureGrowthEconomicValueImprovementIntellectualCapital InvestorExpectationsoffutureearnings risk PeopleStrategy DecisionProcessandOrganizationalStructureP
9、erformanceManagementandIncentivesInternalResourceAllocationStaffingandRecruitmentValuesandCultureCommunicationsTraining InternalProcess AlignmenttoValue InternalScorecard LongTermGoalsandperformancetargetsanchoredtoInvestorExpectations WhatisValueintheBusinessContext BusinessValue Whatfuturecashflow
10、sareworthtoday CompetingPerspectives Lookbackatwhathashappened Lookforwardatwhatwillhappen Spreadcostssmoothlyovertime Lookatthetimingofwhencashcomesandgoes Onlycountwhatcanbemeasured Counteverythingthataffectsvalue ValuePerspective BridgingtheGap Accounting ResultsReturnsGrowthMarginsMarketsharePro
11、ductquality StrategyManagementteamPlanforthefutureInnovationCompetitiveposition investment MarketValuationStockPriceTotalShareholderReturn TSR ExpectationsofValueLikelihoodofsuccessDegreeofimprovementEconomicenvironment MeasurementofValue Measurementofvalueisnotaneutralact itisachoicewhichsignifiesm
12、anagement sprioritiesanddictatestheorganization sviewofitselfSelectingaperformancemeasurealignedwithenhancementofvalueinfluencesnotonlythatmeasurebutalsoallthosemeasuresnotselected MeasurementofValue DriversofShareholderValue Thetwomostfundamentaldriversofshareholdervalue ManagingShareholderValue Th
13、ebalanceofcompetingobjectives Growth ReturnsTrade offFormostfirms therelationshipbetweengrowthinCapitalEmployedandpercentchangeinROIisinitiallynegative Correlationispositiveoverlongertimehorizons GrowthinCapitalReturnonCapital ProfitMarginsAssetTurnover ShareholderValue HierarchyofTradeoffs Dimensio
14、nsofValue ShareholderValueCreation Performancemeasuresandtargetsarecustomizedtocaptureshorttermtradeoffsinviewoflongtermvalue Short termTradeoffs Long termInvestmentsCapitalInvestmentforlongtermgrowthpotential Short termReturns Returnsinexcessofcostofcapital RONAEPspread CFROIROE Short termGrowth Ne
15、tIncomegrowthCashFlowgrowthSalesGrowth DividendsFreeCashFlow IndustryFactors NotcompanyspecificMacroeconomicfactorsDemographicsCommodityprices etc Internal Companyspecific CustomizedmetricsincludingEP CVA CFROI TBR andothervaluedrivers External Industryspecific Short termTradeoffs Whatmetricsdowesub
16、scribeto ShareholderValueEnhancementImperatives IdentificationofvaluecenterswithintheorganizationEvaluationofstrategicalternatives harvesting divesting acquisitions marketentry etc basedonvaluecreationIntegrationofmanagementsystems strategicplanning budgeting resourceallocationandperformancemeasurement basedonvaluecreationImplementationofMIStofacilitateoperationaldecisionmaking periodicreportingandmonitoringofvaluecreationRewardsalignedwith valuebased performance GenericValueDriverTree Commitmen
